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BUSINESS & ECONOMYCapital MarketCOVERNEWSLETTER

Stock Market Investors Gain N22billion as Trading Resumes Strong

stock market
Investors at the Nigerian Equities Market, on Wednesday, September 14, smiled to the bank with a gain of N22.2billion as market resumed after a two day break due to the muslim festivities.
As the trading kicked off on a bullish note the market capitalisation of the bourse appreciated by N22.2 billion to be at N9.5 trillion.

In all, 15 stocks appreciated, compared with 19 stocks that depreciated.The performance cut the year-to-date decline to 3.49 per cent.Diamond Bank Plc led the price losers with 5.8 per cent, followed by Sterling Bank Plc with 4.9 per cent.

Price gains recorded by Dangote Cement Plc, Stanbic IBTC, Unilever, Lafarge Africa and Flour Mills of Nigeria Plc among others, helped the market close northwards.

However, Conoil Plc led the overall price gainers’ chart as investors continued to react to the impressive 2015 full year results of the petroleum products marketing firm.

The stock appreciated by 10.1 per cent to close at N26.21 per share, trailed by Unilever Nigeria Plc with 4.9 per cent. Conoil Plc posted a growth of over 176 per cent in profit after tax to N2.308 billion for 2015, up from N834 million in 2014. Based on the improved bottom-line, the directors recommended a dividend of 300 kobo per share, up from 100 kobo in 2014.

 

Apart from Conoil Plc and Unilver, African Prudential Registrars Plc also gained 4.8 per cent, while Unity Bank Plc and Champion Breweries Plc went up by 2.9 per cent and 2.4 per cent respectively.

The NSE Industrial Goods Index led with 0.5 per cent, trailed by the NSE Consumer Goods Index with a gain of 0.3 per cent just as the NSE Oil and Gas Index inched up marginally rose 0.01 per cent.

However, the NSE Banking Sector Index closed negative, down 0.7 per cent, while the NSE Insurance Index shed 0.4 per cent.

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